KARACHI: The stock market flirted near the 12,500 point level on Wednesday but investors booking profits in the final hours of the trading session pulled the bourse down.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.08 per cent or 10.4 points to end at 12,433.17 point level.
The activity for the second straight day remained broad based as local institutions have become active ahead of the year end result season, said Elixir Securities equity dealer Nazim Abdul Muttalib. Trade volumes remained unchanged from yesterday at 87 million.
Oil giant Pakistan Oilfields ended the day lower after retracing from its recent highs on profit booking and Pakistan Petroleum witnessed some excitement after weeks of consolidation broke on news of revision in gas prices that are expected to bode well for the company. Pakistan Oilfields fell Rs5.25 to close at Rs385.09 while Pakistan Petroleum rose Rs2.45 to close at Rs212.55.
Lucky Cement had a rough day as rumours of Foreign Institutional Investors (FII) selling pulled the stock lower from its day’s highs, Muttalib added.
FII were gross buyers of Rs279 million and gross sellers of Rs860 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Shares of 339 companies were traded. At the end of the day 95 stocks closed higher, 123 declined while 121 remained unchanged. The value of shares traded during the day was Rs4.24 billion.
Azgard Nine was the volume leader with 6.65 million shares gaining Rs0.17 to finish at Rs6.01. It was followed by Lucky Cement Limited with 6.37 million shares declining Rs0.65 to close at Rs72.6 and Lotte Pakistan PTA with 5.66 million shares gaining Rs0.23 to close at Rs12.99.
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